Taylor Wimpey announces exclusive mortgage guarantee scheme

Taylor Wimpey has announced an exclusive mortgage guarantee scheme, paving the way for 95% mortgages for first time buyers. The Take5 deal, with Furness Building Society is being offered initially in selected regions of the UK.

It means that buyers could now secure a two bedroom home in Blackley with a deposit of just £4,999, a three bedroom home in Cadishead with a deposit of £7,999, a four bedroom home in Heywood with a deposit of £7,299 and a three bedroom home in New Moston with a deposit of £7,499, all compared with the UK average of £28,770*.
The new mortgages currently have a variable interest rate of 5.44 per cent.

Deputy Prime Minister Nick Clegg has stated that first-time buyers had been "frozen out" of the market by the lack of mortgages. The Council of Mortgage Lenders estimates that the average age of a first time buyer not receiving financial help from family is 36. This is largely due to the size of deposit now required by lenders which has trebled in the last 10 years.

Anthony Mansfield, sales and marketing director for Taylor Wimpey Manchester, comments: “We have been working hard to secure this mortgage deal which we believe will make all the difference to those who aspire to own their own home but find it difficult to save for the large deposits needed. The 5 per cent deposit required for a Take5 mortgage represents a genuinely affordable option for first time buyers, after many years of being frozen out of the market due to lenders requiring deposits of around 20 per cent.”

The new 95 per cent mortgage is being offered on selected plots at Byron Bank in Blackley, Hayes Green in Cadishead, Hey Mount in Heywood and Water’s Edge in New Moston.

At Byron Bank, the 95 per cent mortgage deal is available on selected two and three bedroom homes, with prices from just £99,995, which requires just a £4,999 deposit.

At Hayes Green, the deal is available on selected three bedroom mews homes and three and four bedroom detached homes. Prices start from £159,995 which means a deposit of just £7,999 is required.

Moving over the Hey Mount, a 95 per cent mortgage is available at this popular development on selected four bedroom townhouses, with prices from £145,995 which requires a deposit of £7,299.

Lastly the final two homes available at Water’s Edge are available with the 95 per cent mortgage. The three bedroom mews homes are priced at £149,995, which means a deposit of £7,499 is needed.

For further information, log onto: taylorwimpey.co.uk

* Halifax First Time Buyer Review (December 2010)